Automotive Turbocharger Market Outlook 2031
- The global automotive turbocharger market was valued at US$ 10.4 Bn in 2020
- It is estimated to expand at a CAGR of 7.6% from 2021 to 2031
- The global automotive turbocharger market is expected to exceed the value of US$ 23.28 Bn by the end of 2031
Diesel & Gasoline Engines Powering Demand for Automotive Turbochargers
Automotive giants of the world are competing to introduce best cars in the market in order to capitalize on revenue opportunities. This has increased pressure on OEMs and stakeholders in aftermarkets of the automotive turbocharger market to innovate and strategically distribute the best components to upgrade passenger vehicles, autonomous vehicles, and electric vehicles (EVs).
In order to employ design innovations in automotive turbochargers, companies are developing systems for diesel engines to increase fuel efficiency, deliver higher-power output, and lower emissions. Such trends are translating into value-grab opportunities for stakeholders in the automotive turbocharger market, since diesel engines are extensively used in commercial vehicles. Apart from diesel engines, automotive turbochargers are being integrated into gasoline engines. The rise in demand for powerful and fuel-efficient gasoline-powered vehicles is likely to boost the demand for turbochargers.
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Long-term Revenue Streams in Developing Economies Gaining Attention amid Coronavirus Crisis
Automobile companies have been bearing the brunt of the coronavirus pandemic. New wave in India, China, and the U.K. is compelling stakeholders in the automotive turbocharger market to adopt contingency planning in order to tide over business uncertainties. They are conducting data-driven research before making inroads in new regions.
Companies in the automotive turbocharger market are bullish on establishing long-term revenue streams in countries of Asia Pacific such as India and Japan, and Africa such as Nigeria and South Africa, owing to rapid economic boom in these regions. Several multinational companies have already started re-evaluating their supply chains, and are in the process of shuffling their supply chains to reduce concentration in a handful of countries.
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Last Mile Delivery and Mobility Services Steering Market Growth
Ever-evolving mobility services and last mile delivery are acting as key drivers for the automotive turbocharger market. Electric vehicles hold promising potentials to gain prominence in the last mile delivery sector. Such vehicles need to be powered by robust e-turbochargers. The burgeoning growth of eCommerce and adoption of mobile shopping apps has fueled the need for merchandise in the context of food delivery & enterprise supply chains. Transport for delivery businesses is triggering the demand for EVs.
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EVs and autonomous vehicles are significantly changing the mobility sector. Analysts at Transparency Market Research opine that ownership of vehicles is expected to reduce during the forecast period, due to easy availability of car rental services. Such trends are translating into revenue opportunities for manufacturers in the global automotive turbocharger market.
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